Economists say Victoria might be forced to impose new taxes or levies to pay for the $34.5 billion Suburban Rail Loop East, as the Andrews government faces a multibillion-dollar funding hole in its flagship project.
Victoria could be forced to impose new taxes or levies to pay for the $34.5 billion Suburban Rail Loop East as the Andrews government faces a multibillion-dollar funding hole inEconomists and property tax experts say the revenue measures proposed in the SRL East business case would raise billions of dollars less than what the government needs.
Stapledon said the most efficient method of clawing back some growth in property values around the SRL train stations would be to impose a broad land tax. “The benefits of citywide infrastructure are actually felt not just by those who live near the train stations ... [so] I think that’s a reasonable way to go about it,” Murray said.
It says that by 2056, the number of people living in the six “precincts” will more than double, from 131,00 to 306,500, and the number of jobs will almost triple to 353,500.Grattan Institute transport and cities program director Marion Terrill said a narrow surcharge on commercial property sales and developer levies would discourage the type of investment the SRL was supposed to trigger, and would also undermine the state’s policy to remove commercial stamp duty.
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